I am not aware of a 12 month limit as such but am old and rusty....

I am not aware of a 12 month limit as such but am old and rusty. . Do you have a reference ? ASIC, ACCC , Corporations act, FIRB, ASX . Takeovers panel

Truth be known these vultures have many vehicles if there were such a rule to do the same but possibly not with the same benefits to themselves.

A offer for takeover must be made for a minimum of 1 month and can't extent past 12 months

Then there are creep provisions that relate to increase in holding restrictions each 12 months after a T/O .

As per this announcement this t/o is dead

"As a consequence, Aurora has decided not to waive this triggered defeating condition and assuch will not proceed with the ADIT Bid."



Compliance and enforcement has never been high IMO . Usually in a TO it is very tight as everyone wants to be seen as compliant and not void a bid or defense and be referred to takeover panel .

"

A substantial shareholder is also obliged to notify the company or trust and ASX (in the prescribed form) of its interests within two business days after its voting power increases or decreases by 1% or more, or if the person ceases to have a substantial holding.

If a takeover bid is on foot, the period for giving substantial holding notices is reduced – notices in relation to all interests of the bidder and its associates in the target must be provided by 9.30am on the next trading day.

"


Here is another guide that sets out timeline and important dates a little better

https://www.bakermckenzie.com/-/media/files/people/lustig-richard/bk_australia_takeoversguide_jan2018.pdf?la=en